Updated · Aug 03, 2022
Best for: Multi-asset traders
Disclaimer: eToro USA LLC does not offer CFDs, only real Crypto assets and stocks available.
What Is eToro?
The eToro platform is popular among digital currency traders, but it takes a more traditional route. The company launched in 2007, before crypto was on the radar, and developed a robust copy trading system branded as “social trading”. It has zero deposit fees, a $100k virtual practice account, and support for 120 different currencies.
As a cryptocurrency exchange, the eToro trading platform has a straightforward pricing structure that both newcomers and experienced traders will appreciate. It also has low to non-existent brokerage fees. However, some eToro cryptocurrency fees can be higher than expected.
In the following eToro review, I test all the platform’s key features, so you know whether it’s the right one for you.
Disclaimer: Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
You can learn more about crypto trading, ETFs, leveraging, stocks, and Forex below.
eToro Leverage, Trading, and Investments
The eToro trading choices are endless. Your strategy will depend on your risk tolerance and the method you find most suitable.
An eToro trader has lots of choices, including:
- Fiat Currencies
The minimum trade amount is $20.
While it’s not as vast as some of its competitors, eToro provides over 30 cryptocurrencies to buy or trade as assets. Conversely, the likes of Gemini may have more altcoins to choose from but offer limited ways of using them.
On eToro, you can deposit in fiat and then buy any supported crypto using the simple interface. You can also browse the markets to properly inspect the data before placing an order. These include:
- Market: A market order lets you place an order at the current market value. The platform usually processes your funds right away.
- Limit: A limit order lets you set the price you wish to buy and sell at. The order only executes when it reaches that limit.
You can find the following leading cryptocurrencies on eToro:
BTC, ETH, BCH, LTC, XRP, DASH, ETC, ADA, XLM, EOS, NEO, TRON, ZEC, BNB, XTZ, LINK, UNI, MIOTA, FIL, and DOT.
Disclaimer: Users under FCA regulation cannot open Crypto CFDs trade, all positions are open as real assets.
There are hundreds more on the exchange. However, their pairs are limited, and you can’t store them in your wallet.
eToro Stock Trading
You can gain access to eToro stocks for free and with zero eToro commission. The platform offers fractional shares, so you can start with a deposit of just $50 and gain access to 17 of the world’s top stock exchanges.
eToro stock traders benefit from unlimited volume and real-time alerts to follow market movements. You’ll also get lots of expert tips and analyses to help you build a solid portfolio.
Note: The no eToro commission policy excludes US residents.
The platform pays out stock dividends to investors, just as any other would. However, eToro purchases the asset on your behalf, and you don’t get the actual stock certificate or voting rights.
You can use leverage on your eToro investment. Leveraging is a strategy that lets you borrow funds to invest in a financial product. The aim is to generate enough profit to cover the loan and still make gains. This is very similar to margin trading.
You can leverage major currency pairs like EUR/USD as high as x30.
The idea is to increase your buying power when you don’t have enough capital upfront. For example, if you wish to invest $10,000 in stock at a 10% margin (or leverage ratio of 1:10), you only need $1,000 upfront.
An eToro review wouldn’t be complete without looking at its copy trading feature. This tool lets you copy one or up to 100 successful traders across different markets. This way, you can replicate their success without necessarily understanding their strategy.
That’s a valuable option for beginners, who want to earn while learning, or the more experienced who prefer a less hands-on approach.
On the other hand, just because you’re replicating a winner doesn’t mean it's without risk. Even the best traders have bad days, so don’t bet your life savings on the decisions of others.
One way to prevent losses is by using a stop-loss which halts trading when you go over the maximum you’re willing to lose.
You can start copying from $200, while eToro caps the maximum at $500,000.
If you prefer going solo, you can still access the portfolios of millions of traders. This lets you assess their stats and risk scores and build your own strategy.
An exchange-traded fund is an investment fund that charts the success of different indices, industry sectors, and individual assets. Unlike mutual funds, eToro lets you trade ETFs without owning the underlying asset. To put it simply, you bet on the rise or fall of its price and reap the benefits when you’re correct.
Forex is the foreign currency exchange market. It involves buying one currency in the hope of selling it at a comparatively higher value for another. In short, you might buy (or already hold) USD and purchase AUD. If the value of AUD rises, you can trade it back to USD for a profit.
eToro Deposit and Withdrawals
In order to trade, you need to know how to get money in and out of your eToro account.
The eToro minimum deposit is $50, which is fair considering how volatile crypto can be.
The site supports:
- Debit cards
- Bank Transfer
The eToro deposit limit varies between $5,500 and $70,000. However, bank transfers support unlimited deposit amounts.
Note that the platform restricts unverified accounts to $2,500 regardless of the deposit method.
eToro withdrawal limits let you withdraw a minimum of $30 per transaction, no matter how many you initiate in a day.
Card and bank withdrawals can take up to 10 business days to process. Withdrawing to PayPal, Neteller, and Skrill is usually complete within 2 business days.
Any withdrawals in non-US fiat currencies are subject to the exchange rate.
You get a free digital wallet to fund your trades and store your cryptocurrency. You can also use the eToro transfer to wallet feature if you’d prefer maintaining a separate crypto wallet, known as the eToro “Money wallet”.
It helps you transfer funds out to another online or offline wallet. The Money wallet is exclusive to iOS and Android.
However, eToro only accepts fiat deposits.
In other words, while you can exchange and trade crypto within eToro, you can only fund your account in fiat. You also can’t send crypto directly to your on-site wallet from the Money wallet or your external wallets.
In our opinion, this is a complicated process that also adds unnecessary transaction fees.
All things considered, eToro has relatively low fees. There is no eToro deposit fee, it’s free to sign up, and it doesn't take a commission on stocks. There’s also no ongoing management fee. Here are the fees that do apply:
- $5 on a minimum of $30.
Stocks and ETFs
- Overnight and weekend fees for keeping positions open, based on the underlying value.
- Crypto to USD: 5%
You get full ownership of the asset when buying Bitcoin or other crypto on the platform. These eToro crypto fees apply to spreads. You can visit the fee page for a comprehensive list, but here are some of the fees you can expect based on the buy and sell prices of different crypto coins:
- BTC: 0.75%
- ETH: 1.9%
- XRP: 2.45%
- LTC: 1.9%
- DOGE: 2.9%
- SUSHI: 3.9%
- DASH: 2.9%
- MIOTA: 4.5%
The eToro fees crypto generates for transfers have a minimum of $1 and a maximum of $50. It charges you 0.5% of the transaction size, though a minimum position amount applies. Here are six examples:
|Coin||Minimum Position||Fee Percentage||Minimum Fee||Maximum Fee|
A fee of 1% is calculated for buying or selling crypto assets on eToro.
- 0.5% for moving assets from the exchange wallet to the Money wallet.
- $10 monthly inactivity fee after 12 months of inactivity.
- 50 PIP conversion fee.
Ease of Use and Interface
Wondering how to buy or how to sell on eToro? The interface is minimalist and easy to use.
Your dashboard displays a curated news feed, important market trends, and coins that have experienced huge rises or drops. You also have quick access to your saved posts and favorite investors. These may include the users you follow for copy trading purposes.
Along the left side are your personal watchlist, portfolio, and a link to “discover” markets and popular traders. Below that, you’ll find settings, help pages, and the link to withdraw your funds.
On mobile, the portfolio overview is a bit more prominent, sticking to the side of each page rather than requiring you to click through.
For the most part, it clearly titles and defines each feature, so it never takes long to find what you’re looking for. There’s also a handy search bar.
If you’re wondering how to trade on eToro, there’s a basic window allowing you to purchase any supported cryptocurrency or perform a trade right away. This scaled-back interface simply shows the current pricing without overwhelming you with data.
Its lack of black background, sliders, and dynamic graphs might surprise users of other online exchanges, but there’s no denying the simplicity of it all. Nonetheless, you can always browse the markets themselves for more details.
Clicking on an asset, e.g., Bitcoin, other cryptocurrencies, or Oil, displays a unique social style feed. It features comments from other investors, links to the top 3 copy traders, a real-time price ticker, and many other useful widgets. You can even leave a comment sharing your insight, or as is common, mocking a price drop.
Of course, there are also tabs for stats and graphs with data going back three or more years.
Above all, the platform is easy to navigate, has a modern layout, and is socially engaging.
eToro Mobile App
For those who aren’t always at their desktop, the eToro app for iOS and Android gives you full access to the platform on any mobile device. It’s perfect for checking your positions and portfolio while on the go.
eToro reviews on Google Play total an impressive 4.2/5 from over 100,000 users. Moreover, the app on Apple has a 3.7/5 rating from 6,200 users.
This app performs all the functions of the website in a mobile-friendly layout. It’s intuitive, and in my experience, bug-free.
eToro also offers a secondary “Money” app. It focuses on account wallets, including deposits, withdrawals, crypto trades tracking, and crypto spending via Visa debit card for ‘Club’ members.
The downside is that once you’ve sent crypto from your eToro trading wallet to the Money wallet, you can’t return it. However, you can send it to any other address, which is the main way to secure your funds in a private wallet offline.
All eToro apps are fast, bug-free, and well designed.
eToro doesn’t scrimp on its platform’s security. It’s a regulated company with operations in London, Tel Aviv, Israel, and Cyprus.
It adheres to the regulations of the CySEC in Cyprus; the FCA regulates it in the UK and the ASIC in Australia.
Furthermore, the entire platform uses SSL encryption technology to keep personal data secure. The addition of 2FA lets you protect your login credentials with an extra confirmation step.
Before even engaging with the eToro exchange, you must confirm your identity. While this might be a hassle, it protects everyone from unsavory users.
Above all, your stored funds are safe, as eToro works with top-tier banks. In other words, the bank meets the highest standards, and eToro themselves can’t just abscond with their clients’ funds.
Another way it protects your funds is with cold storage. eToro stores crypto offline on physical hardware, protecting it from hackers.
In conclusion, eToro is doing everything right regarding security, and there have been no significant security breaches.
Is eToro Legit?
Is eToro good and legitimate? Without a doubt! The platform has been in operation since 2007 with tens of millions in income and millions of daily users. It regularly receives coverage from the press, and there have been no major scandals to tarnish eToro’s reputation.
Hackers have never breached or stolen customer funds, which we can’t say about other cryptocurrency exchanges. Moreover, eToro commissions remain low to non-existent.
eToro reviews further show this is a well-respected platform, whether you want to benefit from the eToro crypto features or bet on more traditional stock trading.
eToro Customer Support
eToro’s customer service is knowledgeable and responsive. However, you need to be a registered member to take advantage of the 24/7 live chat.
The Help Center packs a ton of helpful information to learn about the platform if your query isn’t urgent. It covers everything from managing your account to learning about copy trading.
You can send direct queries via email ticket or webchat. The 21 supported languages help make customer service accessible to everyone.
Looking for an eToro alternative? As a feature-rich exchange, eToro is not the only service of its kind. Let’s see how it ranks against some of its closest competitors.
eToro vs Coinbase
Depending on how you plan to use the platforms, eToro has lower fees overall. That’s because you don’t pay for deposits, while Coinbase charges various percentages for bank, card, and other deposit methods. Technically, Coinbase’s average 0.5% spread is less than eToro’s, but that’s on top of a 1.49% bank transfer or 3.99% card purchase.
However, moving crypto out of eToro to your personal wallet will incur another fee.
For the most part, eToro wins in fees.
Coinbase takes the lead in the variety of cryptocurrencies available for full use. You’re looking at over a 100 compared to eToro’s 30.
Both support all the major coins, so this might not be such a big deal. However, if you like to trade in lesser-known coins, Coinbase is the better exchange.
Storing your crypto assets in an online wallet is risky, especially if you don’t have access to the keys. Many people like to withdraw from a “hot wallet” to a “cold wallet”, which the user externally manages on their personal devices.
Fortunately, both platforms permit this, but eToro’s process is a little convoluted.
You can only deposit in fiat to make a crypto purchase. You then store that crypto in a wallet within the exchange. To get it out, you must convert back to fiat and withdraw with a $5 fee. Another option is to send it to the eToro Money app at a 0.5% fee before sending it to your own wallet.
Coinbase doesn’t charge a fee for moving crypto between wallets on the exchange, so it gets the convenience and financial edge here.
Both platforms have robust security measures, including SSL, 2-factor authentication, cold storage backups, and levels of identity verification. Coinbase gets the edge because it insures against crypto theft, which eToro only applies to fiat holdings and securities.
However, historically speaking, criminals have hacked Coinbase more often than eToro.
Ultimately, Coinbase vs eToro is a tough contest. While Coinbase has more users and is a great all-rounder, eToro has some handy features like copy trading and a demo account. It also supports stock trading.
If you’re a serious trader who demands multiple products, eToro is the way to go.
On the other hand, Coinbase provides more cryptocurrencies, a better wallet system, and crypto insurance. It’s also more widely available in the United States.
If that appeals to you, the slightly higher fees may be worth it.
eToro vs Binance
Binance burst onto the scene in 2017. It has become a popular cryptocurrency exchange, even though its future might be uncertain due to government investigations in the US and UK.
Nonetheless, when we look at Binance vs eToro, the battle is close.
Products and Markets
There’s no doubt that Binance is a formidable exchange, but it’s not much more than that.
eToro gets the advantage out the gate by providing products like stocks, ETFs, and Forex, instead of just crypto. It offers close to 5,000 markets, while Binance is barely pushing 500. You also get a demo account on eToro to test your investment skills before committing real money. Binance throws beginners in at the deep end.
Where Binance takes the lead is the incredible number of supported cryptocurrencies. Binance boasts over 500 on the exchange, all of which you can store in their on-site wallets and easily send to the outside ones you choose. eToro adds unnecessary steps to this process.
If you are trading solely in crypto, Binance will work out the cheaper fees. However, for more diverse investments, eToro has the advantage. For example, there are no eToro commission fees on stocks. Binance, on the other hand, eats into deposits and card purchases.
Binance never seems to get out of regularity pressures, which causes concern for its future viability. For example, most UK banks refuse to do business with them.
It’s worth mentioning that eToro has been around since before crypto was even a thing and has built a strong user relationship. Moreover, the FCA in the UK, CySEC in Cyprus, and now even the ASIC in Australia regulate the company.
Unless crypto is your only interest, eToro takes the victory in this battle. The fact that you can diversify your portfolio and regulators are happy makes it a longer-term solution.
eToro vs Kraken
eToro brokerage is much older than Kraken. However, most users are interested in the crypto side of things, so let’s set the battle lines.
Whichever way you slice it, Kraken is more cost-effective on paper, with fees on the trading platform ranging from 0% to 0.26%. It doesn’t charge any fees until you execute an order. However, there is a $3 fee when you deposit in fiat. Depositing in crypto is free, while eToro doesn’t even support this.
Again, eToro suffers from a lack of cryptocurrencies as Kraken supports over 100.
eToro makes up for this with more banking and funding options, plus the copy trading feature. It also has a wide variety of other investment opportunities outside of simply trading crypto.
While both have solid security methods, Kraken has a higher percentage of funds secured in cold storage. Moreover, it holds the distinction of never even coming close to a security breach.
There’s no doubt that eToro has more options, but Kraken is a more worthwhile exchange for crypto-only traders.
eToro Review – Verdict
To conclude, eToro has everything you need from a cryptocurrency exchange and then some. Whether it’s the unique beginner-friendly interface, social media-style features, copy trading, or the free deposits, many little things add up to make the platform stand out.
Furthermore, it has been around forever, and eToro broker services put it above the competition. Play the Forex market or invest in Oil stocks. Not many “crypto” platforms merge such features under one well-regulated roof.
Our only nitpick is that the process of getting crypto in and out of the on-site wallet is a little convoluted. Plus, some of the fees for crypto spreads can be higher than those of other exchanges.
Ultimately, if you want a platform that doesn’t restrict you just to the cryptocurrency market, this is the one for you.
*eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission.
Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.
A qualified journalist and longtime web content writer, Keelan has a passion for exploring information and learning new things. If he's not writing or pushing his own brands, you'll find him watching pro wrestling or trying not to rant about politics online.
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